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The Securities Industry and Financial Markets Association opposes the bill, saying arbitration 'promotes fair, efficient, and economical dispute resolution for all parties.'
The companies are concerned about bias on the arbitration panel. But an attorney for the claimants said the two failed to warn investors of red flags detected in their accounts.
The focus on the climate and finance at the hearing likely was a harbinger of the priority the SEC will place on environmental, social and governance investing under Gensler. But Reg BI was ignored.
'Investors harmed by Robinhood’s trading restrictions should be able to argue their case in court, rather than in closed-door proceedings that are too often rigged against claimants,' Warren wrote in a letter to Finra CEO Robert W. Cook.
A retailing matriarch won the decision against her grandsons, who invested her money in complex products. J.P. Morgan and the grandsons were also found liable for elder abuse under Florida law.
The first investor arbitration claims involving the products have been decided over the past few months, but the claim against Arete Wealth Management appears to be the first substantial win for investors against a broker-dealer.
The U.S. Court of Appeals affirms an earlier ruling against Morgan Stanley in a case regarding the sale of Puerto Rico bonds
Amy Webster was a former bank broker for Wells Fargo Advisors for 13 years and claims the company made 'defamatory' remarks on her Form U5
Arbitrators also rebuffed brokers’ counterclaims of defamation and unfair competition
The rule would establish a special roster of arbitrators for expungement and set deadlines for requests
New statistics from regulator show slow pick-up, but concerns remain over use of Zoom
Arbitration lawyer says decision sends signal to ‘Wall Street bullies’; Credit Suisse points to wins in other cases
Sponsors have interest in adding them to their retirement plan documents, but the courts are up in the air, lawyers said
Sandlapper Securities may have some fight left, says CEO Trevor Gordon
New floor of about $8,300 is meant to end the ‘$1 trick’ for brokers seeking quick clearing of records
New rules target brokers with pending claims that are switching firms or trying to transfer assets
Promissory note cases lead the way, signaling potential ‘employment upheaval’
Zoom and telephonic hearings can be requested by parties or mandated by arbitrators
In-person sessions, suspended during the pandemic, allow for better presentation of evidence and arguments, they say
Mediators will work remotely for $100 an hour; so far, 85 agree to participate
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